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Fangdd Network Group Ltd. (DUO) stock climbed in the premarket: What’s Going on?

Shares of the Fangdd Network Group Ltd. (DUO) stock climbed in the premarket trading session today on October 21, 2021. DUO stock price saw a push of 21.90% to reach $1.28 a share at the time of this writing. The stock was also green in the previous trade and went up by 14.13% at closing. Let’s explore more about this stock.

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What’s Happening?

There is no announcement or press release by the DUO stock to support the current bullish sentiment. No analyst has recently upgraded this stock or increased its per-share target price. It seems that stock has been triggered due to interactions between investors in the social media platforms like Reddit, StockTwits, Twitter, etc. The trading volume as of this writing was more than 6.3 million as compared to the average trading volume of 322 thousand.

For those who are not much aware of Fangdd Network Group Ltd., it is a Chinese company that is operating as an online real estate marketplace. The company recorded 1.6 million real estate agents in its marketplace by the end of 2020. The company was founded in 2011 and is headquartered in Shenzhen, China.

DUO stock performance in Q2,2021:

  • In the second quarter of 2021, DUO stock recorded RMB401.4 million in revenue as compared to RMB291.0 million in Q1,2021. Revenue from new property transaction services was RMB358.8 million, 32.1% higher than revenue of the first quarter of 2021.  Resale property transaction services revenue reached RMB40.3 million, 4% higher than revenue in Q1,2021. SaaS solutions revenue represented an increase of 268.4% to reach RMB2.3 million in Q2,2021 from Q1,2021.
  • The cost of revenue for the DUO stock was RMB338.9 million which represents an increase of 31.5% from the RMB257.7 million cost of revenue in the previous quarter.
  • Fangdd stock recorded a gross profit of RMB62.5 million in the second quarter of 2021. This represents an 87.5% increase from RMB33.3 million in the first quarter of 2021.
  • DUO stock spent RMB205.1 million in operating expenses in the second quarter of 2021 in including RMB11.1 million expenses for share-based compensation. The overall increase in the operating expenses was 46.2% as compared to operating expenses in Q1,2021.
  • DUO stock suffered a net loss of RMB139.0 million in the recently reported quarter. Net loss in the first quarter of 2021 was RMB104.8 million.
  • By the end of June 2021, RMB749.4 million in cash, cash equivalents, restricted cash, and short-term investments.

Wrap Up:

Things are going well for DUO stock as far as market sentiment is concerned without any specific news. It would be interesting to see how this penny stock will behave in the future as there is no exact prediction of market behavior. For the third quarter of 2021, DUO stock expects to generate revenue between MB250 million and RMB300 million

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